In a shocking turn of events, popular memecoin project PEPE has found itself embroiled in a controversy involving allegations of token theft and internal conflicts among its co-founders. The accusations have sent ripples through the cryptocurrency community, resulting in a significant drop in PEPE's price. Here's a breakdown of what transpired:

Token Theft Allegations and Co-Founders' Involvement

PEPE has accused three of its project's co-founders of orchestrating a massive token theft. The accused individuals reportedly stole a staggering 16 trillion of the meme tokens. These tokens were allegedly taken from the project's multi-signature wallet.

The co-founders in question, who had left the project shortly after its launch, unexpectedly returned and accessed the multi-signature wallet on August 25. They proceeded to transfer the stolen tokens to centralized cryptocurrency exchanges, including Binance, OKX, and Kucoin. The tokens were subsequently sold on these platforms.

Internal Strife and Leadership Changes

The token theft was rooted in the internal conflicts that plagued the project from its inception. The project's multi-signature wallet was initially set up to require approval from 3 out of 4 co-founders. However, ongoing disputes and conflicts among the founders hindered the smooth operation of the wallet for donations and purchases, as there weren't always enough signers available.

Following these disputes, three out of the four original co-founders left the project just a week after its launch, exacerbating the internal turmoil.

Founder's Response and Price Impact

he remaining founder, claiming to be the sole remaining trustworthy member, took to PEPE's official communication channels to provide clarity on the situation. They explained that the accused co-founders had indeed stolen the tokens and transferred them to centralized exchanges.

The remaining founder also revealed that they had gained full control of the multi-signature wallet after the theft. They subsequently moved the remaining tokens from the wallet to a new address in an effort to safeguard them.

The actions of the accused co-founders had a detrimental impact on PEPE's price, causing a significant 16% decline. Investors and traders were spooked by the suspicious transactions, leading to uncertainty in the market.

However, the founder's transparent explanation and commitment to the project's integrity managed to restore some confidence. The founder apologized for the turmoil caused by the co-founders' actions and assured the community that the project was now on the right track.

Road to Recovery

Despite the setback caused by the token theft and subsequent price drop, the remaining founder expressed optimism about PEPE's future. They emphasized that the project was free from "bad actors" and that they were engaging with prominent figures within the crypto community to guide the project's recovery and growth.

This assurance and the founder's clear communication had a positive impact on PEPE's price, leading to a notable 11% increase following the clarification.

In conclusion, the PEPE memecoin project faced a challenging situation involving alleged token theft and internal conflicts among co-founders. The remaining founder's transparent communication and commitment to the project's revival played a crucial role in restoring faith in the community and driving the price rebound. #pepe $PEPE #memecoin #pepecommunity #pepecoin #pepescandal